Operating Agreement - SINO ASSURANCE - 8-10-2011

							                               OPERATING AGREEMENT

This Operating Agreement (this “ Agreement ”) is dated November 2, 2009, and is entered into
in Shenzhen, China by and among Zhong Heng Jiang Investment Consulting (Shenzhen)
Company Limited (“Party A”), China Construction Guaranty Company Limited (“Party B”) and
shareholders holding a total of 100% outstanding shares of Party B (the “Shareholders of Party
B”). Party A, Party B and Shareholders of Party B are referred to collectively in this Agreement
as the “Parties”.

                                         RECITALS

WHEREAS, Party A, a limited company incorporated in the People’s Republic of China, has the
expertise in the business consulting, including operational management, human resources
management, research and development of guaranty products, research on the solution of
guaranty industry related problems, and other related technical support and services.
  
WHEREAS, Party B, a limited company incorporated in the People’s Republic of China, is
engaged in the business of the construction and employees guaranty.
  
WHEREAS, the undersigned Shareholders of Party B collectively own 100% of the equity
interests of Party B.

WHEREAS, a operating agreement was originally entered into among Linking Target Limited (a
limited company incorporated in the British Virgin Islands and having the ownership of 100%
equity interest in Party A), Party B and the shareholders of Party B on September 23, 2008
(the “Old Operating Agreement”).

WHEREAS, by the notice of assignment dated October 26, 2009, Party B has consented to
the assignment and transfer of all rights and obligations under the Old Operating Agreement
dated September 23, 2008 from Linking Target Limited to Party A as a result of the corporate
restructure.

WHEREAS, the Parties are now entering into this new Operating Agreement.



NOW THEREFORE, all parties of this Agreement hereby agree as follows through mutual
negotiations:

1. Party A agrees, subject to the satisfaction of the relevant provisions by Party B herein, as
   the guarantor for Party B in the contracts, agreements or transactions in connection with
   Party B’s operation between Party B and any other third party, to provide full guarantee for
   the performance of such contracts, agreements or transactions by Party B. Party B agrees,
   as the counter-guarantee, to pledge all of its assets, including accounts receivable, to Party
   A. According to the aforesaid guarantee arrangement, Party A wishes to enter into written
   guarantee contracts with Party B’s counterparties thereof to assume the guarantee liability as
   the guarantor when it needs. Therefore, Party B shall take all necessary actions (including
   but not limited to execute relevant documents and transact relevant registrations) to carry
   out the arrangement of counter-guarantee to Party A.

2. In consideration of the requirement of Article 1 herein and assuring the performance of the
   various operation agreements between Party A and the payment of the payables accounts
   by Party B to Party A, Party B together with the Shareholders of Party B, hereby jointly
   agree that Party B shall not conduct any transaction which may materially affects its assets,
   obligations, rights or the operations of Party B (excluding the business contracts,
   agreements, sell or purchase assets during Party B’s regular operation and the lien obtained
     by relevant counterparties due to such agreements) unless the obtainment of a prior written
     consent from Party A, including but not limited to the following:

     2.1 To borrow money from any third party or assume any debt;
     2.2 To sell to or acquire from any third party any asset or right, including but not limited to
  
         any intellectual property right;

     2.3 To provide any guarantees to any third parties using its assets or intellectual property
  
         rights;

     2.4 To assign to any third party its business agreements.

3. In order to ensure the performance of the various operation agreements between Party A
   and Party B and the payment of the various payables by Party B to Party A, Party B
   together with the Shareholders of Party B hereby jointly agree to accept, from time to time,
   advice regarding corporate policy advice provided by Party A in connection with
   company’s daily operations, financial management and the employment and dismissal of the
   company’s employees.

4. Party B together with the Shareholders of Party B hereby jointly agree that Party B shall
   appoint the person recommended by Party A as the directors of Party B, and Party B shall
   appoint Party A’s senior managers as Party B’s General Manager, Chief Financial Officer,
   and other senior officers. If any of the above senior officers leaves or is dismissed by Party
   A, he or she will lose the qualification to take any position in Party B, and Party B shall
   appoint other senior officers of Party A recommended by Party A to take such position.
   The person recommended by Party A in accordance with this Article herein should comply
   with the stipulation on the qualifications of directors, General Manager, Chief Financial
   Officer, and other senior officers pursuant to applicable law.

5. Party B together with the Shareholders of Party B hereby jointly agree and confirm that
   Party B shall seek the guarantee from Party A first if it needs any guarantee for its
   performance of any contract or loan of flow capital in the course of operation. In such case,
   Party A shall have the right but not the obligation to provide the appropriate guarantee to
   Party B at its own discretion. If Party A decides not to provide such guarantee, Party A
   shall issue a written notice to Party B immediately and Party B shall seek a guarantee from
   other third party.

6. In the event that any of the agreements between Party A and Party B terminates or expires,
   Party A shall have the right but not the obligation to terminate all agreements between Party
   A and Party B including but not limited to the Services Agreement.

7. Any amendment and supplement of this Agreement shall be made in writing. The
   amendment and supplement duly executed by all parties shall be deemed as a part of this
   Agreement and shall have the same legal effect as this Agreement.

8. If any clause hereof is judged as invalid or non-enforceable according to relevant laws, such
   clause shall be deemed invalid only within the applicable area of the laws and without
   affecting other clauses hereof in any way.

9. Party B shall not assign its rights and obligations under this Agreement to any third party
   without the prior written consent of Party A. Party B hereby agrees that Party A may assign
   its rights and obligations under this Agreement as it needs and such transfer shall only be
   subject to a written notice sent to Party B by Party A, and no any further consent from
   Party B will be required.
10. The Parties acknowledge and confirm that any oral or written materials communicated
    pursuant to this Agreement are confidential documents. The Parties shall keep secret of all
    such documents and not disclose any such documents to any third party without the prior
    written consent from other parties unless under the following conditions: (a) such documents
    are known or shall be known by the public (excluding the receiving party discloses such
    documents to the public without authorization); (b) any documents disclosed in accordance
    with applicable laws or rules or regulations of stock exchange; (c) any documents required
    to be disclosed by any party to its legal counsel or financial consultant for the purpose of the
    transaction of this Agreement by any party, and such legal counsel or financial consultant
    shall also comply with the confidentiality as stated hereof. Any disclosure by employees or
    agencies employed by any party shall be deemed the disclosure of such party and such
    party shall assume the liabilities for its breach of contract pursuant to this Agreement. This
    Article shall survive whatever this Agreement is void, amended, cancelled, terminated or
    unable to perform.

11. This Agreement shall be governed by and construed in accordance with the laws of PRC.

12. The Parties shall strive to settle any dispute arising from the interpretation or performance of
    this Agreement through friendly consultation. In case no settlement can be reached through
    consultation, each party can submit such matter to China International Economic and Trade
    Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules of
    CIETAC. The arbitration proceedings shall take place in Hangzhou and shall be conducted
    in Chinese. Any resulting arbitration award shall be final and conclusive and binding upon the
    Parties.

13. This Agreement shall be executed by a duly authorized representative of each party as of the
    date first written above and become effective on the date of execution.

14. Notwithstanding Article 13 hereof, the Parties confirm that this Agreement shall constitute
    the entire agreement of the Parties with respect to the subject matters therein and
    supersedes and replaces all prior or contemporaneous verbal and written agreements and
    understandings.

15. The term of this agreement is ten (10) years unless early termination occurs in accordance
    with relevant provisions herein or in any other relevant agreements reached by the Parties.
    This Agreement may be extended only upon Party A’s written confirmation prior to the
    expiration of this Agreement and the extended term shall be determined by the Parties
    hereto through mutual consultation. During the aforesaid term, if Party A or Party B is
    terminated at expiration of the operation term (including any extension of such term) or by
    any other reason, this Agreement shall be terminated upon such termination of such party,
    unless such party has already assigned its rights and obligations in accordance with Article 9
    hereof.

16. This Agreement shall be terminated on the expiration date unless it is renewed in accordance
    with the relevant provision herein. During the valid term of this Agreement, Party B shall not
    terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right
    to terminate this Agreement at any time by issuing a thirty (30) days prior written notice to
    Party B.

17. This Agreement has been executed in nine (9) duplicate originals in English, each party has
    received one (1) duplicate original, and all originals shall be equally valid.
[SIGNATURE PAGE FOLLOWS]
                                        [Signature Page] 

IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be duly
executed by their legal representatives and duly authorized representatives on their behalf as of
the date first set forth above.

PARTY A:         Zhong Heng Jiang Investment Consulting (Shenzhen) Company Limited
                 Legal/Authorized Representative: (signed and sealed) 
                 Name:  Tu Guokang 
                 Title:  Legal Representative 



                   
PARTY B:         China Construction Guaranty Company Limited
                 Legal/Authorized Representative: (signed and sealed)
                 Name ： Tu Guokang
                 Title: Legal Representative
                   
                   
                SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B


 SHAREHOLDERS OF PARTY B: 


Zeng Jia Shou   20.0000% owner of China Construction Guaranty Company Limited   (Signed)
Tong Meng You    1.0000% owner of China Construction Guaranty Company Limited   (Signed)
Tu Guo Xiu      19.0000% owner of China Construction Guaranty Company Limited   (Signed)
Cai Jing Yu     15.0000% owner of China Construction Guaranty Company Limited   (Signed)
Tu Chun Hong    15.0000% owner of China Construction Guaranty Company Limited   (Signed)
Tu Li Juan      15.0000% owner of China Construction Guaranty Company Limited   (Signed)
Zhou Mei Ling   15.0000% owner of China Construction Guaranty Company Limited   (Signed)